Russia. 11.5% protein wheat reached the price level of high-protein wheat due to stable high demand

22.12.2016

Last week no substantial price changes were reported in the export market of Russian milling wheat, notes UkrAgroConsult.

Export price for Russian milling wheat with 12.5% protein closed the week at $182-184/MT FOB Novorossiysk port for January-February delivery. High-protein wheat export prices in small ports continued sinking and closed the week down another $1 for January-February delivery.

The pace of Russian wheat exports expectedly turned downwards in December. However, export prices for Russian wheat continue to be maintained by comparatively steady import demand and opening of new markets. Apart from the Indian market, Russian wheat has already penetrated into the markets of Indonesia and Thailand as well, reports UkrAgroConsult.

As Russian milling wheat is in demand from new promising importers, 11.5%-protein wheat continued strengthening in the market and did reach the price level of high-protein wheat in Russia. Another bullish factor in the export market remains growth of the Russian rouble against the U.S. dollar.

More information on price behavior on grain market in the countries of Black Sea region is available to subscribers for weekly market report "Black Sea Grain and Oil" and "Online market review" by UkrAgroConsult.

 

UkrAgroConsult

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